fees for professional services

Weak Risk Management Leads to Internal Controls Deficiencies

Jeanette Franzel, board member of the Public Company Accounting Oversight Board (PCAOB), recently spoke at the American Accounting Association (AAA), according to The Wall Street Journal. She says audit-oversight inspections show a twenty percent increase (since 2013) in internal-control deficiencies of company audits. Inspections also indicate that 36 percent of company audits now have internal-control…

COSO ERM framework update

A Quick Guide to COSO Internal Controls 2013 Changes

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its COSO Internal Control – Integrated Framework document all the way back in 1992 to assist publicly traded organizations adhere to the Sarbanes-Oxley Act (SOX) Section 404. COSO considers internal controls to be an integral part of enterprise risk management (as does LogicManager), and as…

governance risk and compliance

New Audit Standard For Financial Reporting

The approval by the PCAOB Board to the overhaul of the Sarbanes-Oxley legislation on May 23rd has profound significance for the credibility of Enterprise Risk Management as a discipline and its charter for action within organizations. For nearly a decade, big compliance software and consulting firms have been profiting from a “Compliance First” approach. This…